LPG Market Is Expected To Reach USD 245.6 Billion By 2030, Growing At A CAGR Of 6.7% From 2021 To 2030

The LPG market size is estimated at USD 132.1 billion in 2020 and is expected to reach USD 245.6 billion by 2030, growing at a CAGR of 6.7% from 2021 to 2030.

LPG, also known as propane, is a combustible hydrocarbon gas commonly used as non-toxic sulfur-free fuel. It is composed of propane (C3H8) and butane (C4H10) and small amounts of other hydrocarbons. The easy storage of LPG makes it a highly portable fuel and versatile source of energy for industries located in areas where pipe gas supply is not available. It is preferred over several other energy fuels due to its low sulfur and carbon emissions and environmental friendliness. LPG is commonly used in the process industry to fuel the boilers used to generate steam and boiling water. It is also used as a domestic cooking gas because it is a clean fuel with a high flash point and less greenhouse gas emissions than other fuels. LPG is made by refining natural gas or crude oil obtained from fossil fuel extraction.

Global consumption of LPG has increased significantly over the past two decades, reaching a new level at 27.1 million tons in 2019. Due to environmental benefits and stringent government policies to reduce carbon emissions, LPG has rapidly become the fuel of choice around the world. Governments of various countries around the world also offer subsidies, including tax incentives, to encourage the use of his LPG in vehicles. Now, with increasing awareness of the benefits of LPG and various government initiatives, the use of LPG for cooking is increasing in rural areas around the world. Therefore, increasing demand for LPG for cooking is estimated to propel the market over the forecast period.

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Key Companies Insights:

BP Plc, Exxon Mobil Corporation, ConocoPhillips and Abu Dhabi National Oil Company (ADNOC) are expected to lead in R&D investments and broad customer reach. The market is moderately fragmented, with various key players operating on an international scale. Industry participants are focusing on exploration and production of gas with improved operational characteristics to strengthen their global footprint. Considering all scenarios, BP Plc, Exxon Mobil Corporation, ConocoPhillips and Abu Dhabi National Oil Company (ADNOC) hold significant market share in the global market due to their more capable extraction processes and well-established supply chains. Some of the key players operating in the global LPG market include:
• Exxon Mobil Corporation
• Kleenheat
• bp p.l.c.
• Bharat Petroleum Corporation Limited
• Flaga Gmbh
• Repsol
• Chevron Corporation
• Petroliam Nasional Berhad (PETRONAS)
• Phillips 66 Company
• JGC HOLDINGS CORPORATION
• China Gas Holdings Ltd.
• Shell group of companies
• Reliance Industries Limited
• Saudi Aramco
• Qatargas Operating Company Limited
• Total Se
• Others

Segments

By Source
• Refineries
• Associated Gas
• Non-Associated Gas
By End User
• Residential
• Commercial
• Agriculture
• Industrial
• Transportation
• Others

Global LPG Market: Regional Analysis:

All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global LPG market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.

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With increasing focus on reducing greenhouse gas emissions and ensuring sustainable energy for all, the use of LPG is increasing in various sectors around the world. There has been significant government support in the form of initiatives and grants to further promote LPG adoption. An Indian government initiative is targeting more subsidies through the 'PAHAL' program, which deposits subsidies directly into the bank accounts of subsidized consumers. The program is supported by a "Give It Up" campaign to encourage consumers who can afford the market price of LPG to voluntarily refrain from purchasing subsidized products. As a result, LPG could become an attractive alternative fuel for an increasing number of applications and this factor is projected to expand the market over the forecast period.

For instance, BioLPG, also known as renewable propane or biopropane, is propane made from renewable raw materials such as plant and vegetable waste. BioLPG is therefore a clean-burning fuel with negligible impact on air quality and a low-carbon alternative to the business benefits of fuel switching to oil and coal that play a long-term role in the energy mix. BioLPG is gradually entering the market across Europe as a direct renewable alternative to LPG, with some of the largest companies defining 100% sustainable target. BioLPG is approximately 70-80% less carbon intensive than petroleum and can be used in existing LPG equipment and storage units, offering industrial and commercial companies a cost-effective path to decarbonisation. France and the UK signed historic net-zero emissions targets in 2019, while other European countries and the EU are moving in that direction. These factors, including the implementation of government policies to promote BioLPG as a sustainable renewable fuel, are expected to continue driving the market.

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FREQUENTLY ASKED QUESTIONS?
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Q8. Who are the leading players in liquefied petroleum gas (LPG) market?
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